Effects of Live Streaming on the Media and Entertainment Sector

The expanding popularity of live streaming has profoundly affected a slew of global businesses, from media to education.

FREMONT, CA: Video technology has advanced over time, and people are watching an increasing amount of video content.Live streaming has had a significant impact on video consumption in recent years. Around 64 percent of people between 18 and 34 enjoy live streaming. Indeed, it is anticipated that the live streaming business will reach a value of roughly $70 billion by the end of 2021.

The Importance of Live Streaming on the Entertainment and Media Industries

Globally, live streaming has influenced nearly every industry, but it has been particularly beneficial to the media and entertainment industries.

Flexibility in entertainment: Cord-cutting has been increasing in popularity and has accelerated further due to OTT services such as Amazon Prime, Netflix, and Hulu.

Watching films on demand on any device, particularly a smartphone, has given people the freedom to watch whatever they want at their leisure, without having to adhere to the rigid schedules of traditional pay-tv.

However, what role does live streaming play in all of this? In addition to traditional television, entertainment events such as beauty pageants, the Oscars, the Emmys, and sporting events are now live-streamed on OTT platforms. And while these events are only available live on television, they can be viewed later on online platforms, which is why they are the preferred medium for viewing these events.

The Media Has Changed: The media industry has gradually shifted to the online realm. Remember how people used to check their newspapers first thing in the morning to see what had happened in the world while they slept? Today, people can receive live coverage via a notification on a smart device.

Social media technologies have enabled both the general people and news organizations to live-stream contentious and significant news events as they occur. And the public is enthralled. They're constantly monitoring the live feeds of the accounts they follow for updates.

The Benefits of Live Streaming

• Live streams are easier to broadcast because they do not require much pre-production.

• Live feeds are less expensive, as they do not require video editors.

• Because movies can be live-streamed from mobile devices, they eliminate costly equipment setup, lowering the required expenditure.

• The majority of users prefer live streaming to pre-recorded videos. According to Forbes, Facebook live broadcasts are three times as popular as pre-recorded videos.